US, Russia and Gulf states launch major pipeline

Nov 27, 2001 01:00 AM

US, Russian and Gulf state oil executives and ministers attended the ceremonial opening of a new oil pipeline that could supply 1 mm tons of oil from Kazakhstan to world markets by the end of the year. The Caspian Pipeline Consortium's grand opening in the southern Russian port city of Novorossiisk was attended by US Energy Secretary Spencer Abraham, his Russian counterpart Igor Yusufov, and oil chiefs from Oman and Kazakhstan.
They mingled with executives from the likes of Russia's oil major LUKoil and the US number two producer ChevronTexaco, as all involved celebrated a new mood of US-Russia partnership in the competitive energy market that has settled in with the start of the US-led anti-terror campaign.
"We are marking this great event during a period of active cooperation and the development of partnership relations between the US, Russia and Kazakhstan," ChevronTexaco chairman David O'Reily said.

The CPC, which stretches 1,510 km (905 miles) from Kazakhstan's giant Tengiz oil field to the Russian Black Sea port of Novorossiisk, could deliver around 1 mm tons of crude to world markets by the end of the year, the conglomerate said. "The CPC is project that serves as a bright example of successful international cooperation, and demonstrates to the whole global business community that one can confidently invest in Russia and Kazakhstan," O'Reily said.
The CPC pipeline can currently carry around 28.2 mm tpy of crude, while project coordinators are studying plans to expand its volume to 67 mm tons after further work in the coming years. The governments of Russia, Kazakhstan, and Oman hold 24, 18 and 7 % stakes in the projects respectively, with the rest of the holding divided amid a large range of private oil groups.

Abraham was due to arrive in Moscow to discuss the turbulent situation on world oil markets with Russian government and other CPC officials. The US energy secretary is also due to meet Russia's Nuclear Power Minister Alexander Rumyantsev for talks on non-proliferation issues.

Source: AFP
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